MYT Netherlands Parent (MYTE) - Get Report, the parent company of German upscale internet retailer Mytheresa Group, traded at $33.35 in its debut Thursday, up from the initial public offering price of $26.
The stock opened on the New York Stock Exchange at $35.85.
The IPO brought MYT more than $400 million and valued it at $2.2 billion to $2.3 billion.
The company said in its prospectus that “in fiscal 2020 [ended June 30, 2020], we surpassed 486,000 active customers, generated 449.5 million euros ($546 million) in net sales and shipped over 1,092,000 orders to 133 countries."
“We achieved this scale and growth while maintaining our commitment to luxury with industry-leading average order values and robust and consistent customer economics, despite a difficult environment. We are building on our strong presence in women’s by entering new categories,” MYT added.
As for earnings, in fiscal 2020 the company registered net income of 6.4 million euros, compared to 1.7 million euros during fiscal 2019. It reported adjusted net income of 19.3 million euros, up from 15.8 million euros in fiscal 2019.
During the three months ended Sept. 30, 2020, MYT enjoyed net income of 9.6 million euros, swinging from a net loss of 4.3 million euros during the year-ago period. Adjusted net income totaled 5.4 million euros, up from 3.5 million euros a year earlier.
Among the risks MYT cites: “consumers of luxury products may not choose to shop online in sufficient numbers, and the luxury fashion industry can be volatile and difficult to predict.”